10-Q
RLJ ENTERTAINMENT, INC. filed this Form 10-Q on 11/09/2017
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RLJ ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three and Nine Months Ended September 30, 2017 and 2016

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

(In thousands, except share data)

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues

 

$

20,900

 

 

$

18,351

 

 

$

53,620

 

 

$

51,882

 

Cost of sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Content amortization and royalties

 

 

9,538

 

 

 

7,887

 

 

 

21,867

 

 

 

22,957

 

Manufacturing and fulfillment

 

 

3,174

 

 

 

3,425

 

 

 

9,055

 

 

 

12,031

 

Total cost of sales

 

 

12,712

 

 

 

11,312

 

 

 

30,922

 

 

 

34,988

 

Gross profit

 

 

8,188

 

 

 

7,039

 

 

 

22,698

 

 

 

16,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling expenses

 

 

3,972

 

 

 

2,536

 

 

 

9,131

 

 

 

6,882

 

General and administrative expenses

 

 

4,926

 

 

 

4,068

 

 

 

14,165

 

 

 

13,563

 

Depreciation and amortization

 

 

974

 

 

 

831

 

 

 

2,751

 

 

 

2,100

 

Total operating expenses

 

 

9,872

 

 

 

7,435

 

 

 

26,047

 

 

 

22,545

 

LOSS FROM CONTINUING OPERATIONS

 

 

(1,684

)

 

 

(396

)

 

 

(3,349

)

 

 

(5,651

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity earnings of affiliate

 

 

1,723

 

 

 

990

 

 

 

3,143

 

 

 

2,198

 

Interest expense, net

 

 

(2,288

)

 

 

(2,222

)

 

 

(6,326

)

 

 

(6,617

)

Change in fair value of stock warrants and other derivatives

 

 

(264

)

 

 

(1,222

)

 

 

(3,647

)

 

 

(3,406

)

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

470

 

 

 

 

Other income (expense), net

 

 

169

 

 

 

(42

)

 

 

614

 

 

 

(772

)

LOSS FROM CONTINUING OPERATIONS

   BEFORE PROVISION FOR INCOME TAXES

 

 

(2,344

)

 

 

(2,892

)

 

 

(9,095

)

 

 

(14,248

)

Provision for income taxes

 

 

(372

)

 

 

(151

)

 

 

(848

)

 

 

(192

)

LOSS FROM CONTINUING OPERATIONS,

   NET OF INCOME TAXES

 

 

(2,716

)

 

 

(3,043

)

 

 

(9,943

)

 

 

(14,440

)

LOSS FROM DISCONTINUED OPERATIONS,

   NET OF INCOME TAXES

 

 

 

 

 

(917

)

 

 

 

 

 

(3,169

)

NET LOSS

 

 

(2,716

)

 

 

(3,960

)

 

 

(9,943

)

 

 

(17,609

)

Accretion on preferred stock

 

 

(203

)

 

 

(1,473

)

 

 

(959

)

 

 

(3,763

)

NET LOSS ATTRIBUTABLE TO COMMON

   SHAREHOLDERS

 

$

(2,919

)

 

$

(5,433

)

 

$

(10,902

)

 

$

(21,372

)

Net loss per common share attributable to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.22

)

 

$

(0.97

)

 

$

(1.31

)

 

$

(4.08

)

Discontinued operations

 

 

 

 

 

(0.20

)

 

 

 

 

 

(0.71

)

Basic and diluted net loss per common share attributable

   to common shareholders

 

$

(0.22

)

 

$

(1.17

)

 

$

(1.31

)

 

$

(4.79

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

13,463

 

 

 

4,640

 

 

 

8,329

 

 

 

4,463

 

 

See accompanying notes to consolidated financial statements.

 

 

5


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